Celebrating Small Business Owners

Image credit: Tim Mossholder for Unsplash

As business owners ourselves, we know that running a company can be a mixed bag. There are triumphs when you make that big sale or a project comes in under budget. And then there are the days that make you feel stuck in the weeds with frustrating employee issues or supply problems. In those moments the dreams that built the business can feel very distant. It can even lead to you wondering, What difference am I making?

In fact, small businesses are amazingly important. They are the engines that make our economy hum along. Without them, the world would truly be worse off. So, we wanted to provide a bit of inspiration for those days when you feel a bit defeated. We did a little research on the impact of small businesses. We hope it serves as a reminder that your accomplishments extend beyond your own success and contribute to the growth and strength of the community around you.

Enhances Job Creation

According to US Chamber of Commerce data, small businesses employ nearly half of the American workforce and represent about 44% of America’s GDP.  “America’s 33.2 million small businesses are frequently referenced as America’s ‘economic engine,’” said Tom Sullivan, senior vice president of Small Business Policy at the U.S. Chamber of Commerce. “That’s because small employers have created more than three in five of all the new jobs since 1995, and they innovate at 12 to 15 times the rate of their larger business competitors.” That is pretty impressive!

Keeps Dollars Local

Small businesses tend to keep their dollars in their community. They partner with other local entrepreneurs to secure supplies and spend their profits. They are also paying their employees who in turn spend their money in the neighborhood. This financial interdependence creates the foundation for a strong local economy. 

Supports Local Infrastructure

In addition to financially supporting their fellow citizens through employment and reciprocal investment, small businesses are a big part of the local tax base. This helps fund education, public health and recreation. Without these essential services cities cannot thrive. 

Creates Access to Opportunity

Entrepreneurship gives an alternative pathway for success. For those that have been excluded from traditional corporate ladders, building a business allows greater flexibility and control in determining a career path. Owning a business provides a more direct way to build wealth and avoid the systemic disparities that can particularly affect women and minorities. 

Helps Their Fellow Citizens

Small businesses owners live where they work, so they see the needs of their communities first hand. Many local business owners have grown up in the area, so they have an additional emotional attachment, making them more invested in seeing their neighborhoods flourish. According to SCORE, the nation's largest network of expert, volunteer business mentors, 75 percent of small businesses donate an average of 6% of their profits. How does this compare to big business? That 6% translates to small companies contributing 250% more to local nonprofits than larger businesses. In addition to direct financial support, the National Federation of Independent Business concluded that 76% of small businesses also volunteer time on behalf of community organizations.

Wow! 

That is a lot of good karma that small businesses contribute to their communities and our nation at large. 

In addition to all the hard work that goes into your company, you are also creating a ripple effect that leads to the world being a better place. We hope that you are patting yourselves on the back. Take that feeling of pride in your accomplishment through the rest of your day.